Early payment discounts are a time-honored tradition in business-to-business (B2B) transactions. Suppliers who offer these types of discounts win by getting paid faster, thereby improving their cash flow, and companies that are able to take advantage of these discounts get the cost savings. But are early payment discounts really the best way for businesses to…
Category: ePayments
The Biggest Barrier to Entry for Electronic B2B Payments in the US
Accounting teams across North America rely too heavily on paper checks as their primary form of payment to vendors. Not only does check processing involve plenty of manual work, but at high volumes check runs can be a large drain on a company’s resources and time. Electronic payments are a much-needed alternative to checks, but…
How to Combat Payment Fraud with Accounts Payable Automation
This past August, accounts payable staff at MacEwan University in Edmonton made a simple change to vendor banking information that ended up costing the university $11.8 million. In June, an email was sent to MacEwan staff from what appeared to be a known vendor, Clark Builders, which had been working with MacEwan on various construction…
Enhance the Payments Experience on QuickBooks Online
QuickBooks Online (QBO) was launched by Intuit in 2010 as a web-based accounting platform for small and medium-sized businesses, following on the strength of the on-premise version, QuickBooks Desktop. Two years later Intuit released a new version for the Canadian market, that offered tax code information specific to Canada. Then in 2013, Intuit announced that…
Is Your Business Ready for Virtual Credit Cards?
How would you evaluate your current vendor payments workflow? If your business is still spending time printing and mailing your checks to pay your bills, then you’re missing out. Not only is in-house cheque printing time consuming, but it’s costly when you add in the price of postage, the materials, and all those hours lost…
3 Ways That Virtual Credit Cards Can Benefit Your Business
In most discussions about accounts payable automation, there tends to be a focus on the efficiencies that come packaged with reduced data entry and a streamlined workflow. But the benefits don’t stop there. When your company chooses to extend your AP automation solution to include automated payments via virtual credit cards, you’ll find there’s a…
Now Available: BeanPay with Automated Check Payments
Since beginning to offer electronic payments earlier this year, we have been overwhelmed with your positive feedback and excitement to BeanPay your vendors. We are excited to announce that we now offer Automated Check payments with BeanChecks! Payables automation is about so much more than just digitizing invoices. It’s about having the tools to reduce…
Same Day ACH Payments Set to Start at US Financial Institutions in Fall 2016
Starting on September 23, 2016, Same Day ACH Payments are set to start at US financial institutions which will have a huge impact on how payments are processed in America. President and CEO of National Automated Clearing House Association (NACHA) Janet O. Estep notes “Financial institutions see the value in providing new, faster payment options…
Break Up with Paper Checks this February 14th: Why ePayments Will Be Your Best Valentine Yet
February can be a tricky time in the accounting world. Year end is wrapping up, tax deadlines are fast approaching, and there is still the promise of making those workflow improvements you’ve been wanting to implement (for the past few years). In the trenches of busy season we also ironically find Valentine’s Day: a holiday…
5 Easy Ways To Get Vendor Discounts
Why spend more money for your accounts payable vendor invoices than you have to? Maximizing cash flow can be done in many ways, and one of the easiest ways to stretch your capital is to make the most of vendor discounts. We have put together five ways you can work with your accounts payable vendors…